# Robustness: Demographics → External Assets

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| E1: Z_lag5 → gross_assets | gross_assets_gdp | 5,296 | 177 | 0.023 |
| E2: ΔZ → gross_assets | gross_assets_gdp | 5,296 | 177 | 0.002 |
| E3: OADR+20 → gross_assets | gross_assets_gdp | 1,986 | 174 | -0.021 |
| E4: low-income Z → gross_assets | gross_assets_gdp | 1,674 | 69 | 0.018 |
| E4: mid-income Z → gross_assets | gross_assets_gdp | 1,705 | 79 | 0.042 |
| E4: high-income Z → gross_assets | gross_assets_gdp | 1,812 | 69 | -0.023 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| E1: Z_lag5 → gross_assets | Z_1_lag5 | -98.1651 | 648.2216 | 0.8796 |  |
| E1: Z_lag5 → gross_assets | Z_2_lag5 | 69.9248 | 99.3738 | 0.4817 |  |
| E1: Z_lag5 → gross_assets | Z_3_lag5 | -4.2208 | 4.1582 | 0.3101 |  |
| E2: ΔZ → gross_assets | d_Z_1 | -600.0727 | 709.6166 | 0.3978 |  |
| E2: ΔZ → gross_assets | d_Z_2 | 81.8961 | 109.9046 | 0.4562 |  |
| E2: ΔZ → gross_assets | d_Z_3 | -3.0083 | 4.7118 | 0.5232 |  |
| E3: OADR+20 → gross_assets | oadr_plus20 | 714.2608 | 147.4146 | 0.0000 | *** |
| E4: low-income Z → gross_assets | Z_1 | -5690.1957 | 1915.7351 | 0.0030 | *** |
| E4: low-income Z → gross_assets | Z_2 | 922.4718 | 297.8066 | 0.0020 | *** |
| E4: low-income Z → gross_assets | Z_3 | -39.1542 | 12.4963 | 0.0018 | *** |
| E4: mid-income Z → gross_assets | Z_1 | -27.3076 | 672.0334 | 0.9676 |  |
| E4: mid-income Z → gross_assets | Z_2 | 32.1167 | 99.6482 | 0.7473 |  |
| E4: mid-income Z → gross_assets | Z_3 | -1.8180 | 4.0780 | 0.6558 |  |
| E4: high-income Z → gross_assets | Z_1 | -512.6244 | 760.6755 | 0.5005 |  |
| E4: high-income Z → gross_assets | Z_2 | 97.8523 | 108.3225 | 0.3665 |  |
| E4: high-income Z → gross_assets | Z_3 | -4.2237 | 4.3784 | 0.3348 |  |

*Robustness checks*